Business cycle: Surveys indicate significantly stronger growth in Germany and Europe
The purchasing manager indexes for Germany and Europe clearly exceed expectations. The German industry is driving growth above all.
Berlin - Recent surveys suggest a significantly stronger economic growth in Germany and the Eurozone. The gross domestic product in the Eurozone could grow as robustly as it has in nearly three and a half years. The purchasing managers' index for the economies of the monetary union, which aggregates the sales of industry and services firms, rose by 1.1 points to 53.1 in September, according to S&P Global financial services.
Experts polled by Reuters, however, expected a decline to 51.7. Growth is indicated from values of 50. For Germany, the index reached a value of 53.8, the highest since 11 months. Economists had not anticipated a change from the previous month's value of 51.8. S&P Global explained that the growth was so strong thanks to a clear increase in business activity in the services sector and solid gains in industrial production, primarily due to the higher order backlog. Hiring remained dampened as business outlooks sank to a three-month low.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
